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As much it is really hard to control emotions when trading, it is of paramount importance that we bring our emotions under control when trading.
No trader whatsoever can boast of having trading career with no losses. That's totally impossible, the aim however is to keep these losses to the barest minimum which is not possible if you allow your emotions to control you.
It is noteworthy to know that, many times, a lot of folks have lost so much because of fear of losing all only for the market to turn bullish again and regret then sets in
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President Biden is seeking $80 billion in extra funding to bolster IRS and tax enforcement. There is an estimated one trillion dollars in uncollected taxes, and the program will more than pay for itself, boosting tax receipts by more than $700 billion over ten years. To be clear, this is not a tax increase, but the enforcement of tax laws that are already on the books and which tax payers regularly skirt. BUT, the interesting part is this: Under the plan, banks and other payment providers would be required to tell the IRS how much money came into and out of individuals' and businesses' bank accounts each year. This new information would be useful to the IRS in determining who to audit when a business or individual has far more bank activity than their tax return and tax bill would suggest. (Source: https://www.wsj.com/articles/biden-to-seek-80-billion-to-bolster-irs-tax-enforcement-11619539465) Now, if you're a lowlife individual or business who is currently illegally underreporting your tax obligation, the new proposed bank reporting requirement is a threat to your illegal lifestyle. Sure seems like an incentive to start transacting in crypto, doesn't it? I do believe that as much as this is a measure to make sure that citizens do not evade tax, it'll help promote the adoption of bitcoin in the United States. Truth be told, it is tactical move to curb the evasion of tax by citizens but since this will require banks to send statement of accounts to the IRS, it will cause many to use bitcoin and other cryptocurrencies. One of the many advantages of bitcoin is anonymity which means you don't need your details to make transactions. You can send coins to any country at anytime without knowing the name of the recipient. All you need is a wallet address which is enough. |
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I've seen instance of a bitcoin themed movie but this is actually the first time I'll hear about bitcoin themed songs. This is super awesome development and it will help spread the news about bitcoin to song lovers.
I've come to realise that if you really need to promote something, you'd need to get it into the entertainment industry such that it is promoted in movies and in songs.
I believe so much that will help promote bitcoin especially among young people who are the major subjects of entertainment
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I actually do believe that the blockchain technology would not only used in the financial system of the world (the creation of bitcoin and other cryptocurrencies), it will also be used in every single industry in a country such that the whole economy of a country would be based 9n the blockchain technology.
You should, however, know that this is not feasible now. It would be accomplished in the future but I don't see it happening anytime soon. There are quite a lot of measures that need to be put in place before this can be accomplished even in developed countries not to mention developing or underdeveloped countries in Africa and Asia
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MercadoLibre announced that it bought $ 7.8 million worth of bitcoins on Wednesday. The company is one of the newest public trading companies to add bitcoin to its balance sheet. The Argentine-based company said in its revenue report that the acquisition was made in the last quarter and is part of the company's treasury strategy. MercadoLibre shares are traded on Nasdaq under the name MELI. Although this acquisition is a far cry from the massive acquisitions of companies such as MicroStrategy (approximately $ 2.2 billion) or Tesla ($ 1.5 billion), MercadoLibre's investment is a powerful step toward popularizing bitcoin as a payment option. Latin America, the largest e-commerce company, last week unveiled a real estate platform that allows you to buy property with Bitcoin. The company's payment platform was integrated with Bitcoin in 2015. Source: https://www.coindesk.com/e-commerce-giant-mercadolibre-discloses-7-8m-bitcoin-buyThis is a very amazing news for the crypto community. Even though the worth of bitcoin bought by this company is relatively small as compared to Giant companies like Microstrategy and Tesla, I believe it will go a long way in adoption of crypto in the mainstream world. I'm of the opinion that now, there will be quite some adoption in Latin America with a move like this. I wouldn't be surprised, if some few months or months, we begin to see other companies in Latin America adopting bitcoin and other crypto. |
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Cryptocurrency is becoming more of a trend, almost everyone has heard about someone whose life changed for the better because of cryptocurrency, because of these shinning prospects, many more are latching in to get the gains without first seeking to get the knowledge.
So Mr Z got rich from owning crypto? that's what many heard, so many already feel rich because they have one small fraction of a crypto. What many many need to know is that,
(a) Having a small fraction of any crypto might not get you rich, to see real gains, try to procure "One" or more.
(b) Most times, only the rich can get richer from trading. Sounds very controversial, but think of this, if two friends follow a signal and enter a trade, one with $50 and the other with $500. If everything works out well, both will be in gains, but the profit margin of both individuals will be different. This Illustration further supports the claim that only the rich can get richer from trading.
(C) Hodling a cryptocurrency with no definite plans in mind might not make you rich. You might just have your initial capital dancing around a range of figures.
I absolutely agree with everything you wrote. It's just the absolute truth. People start using cryptocurrencies based on the testimony of someone who bought when the price was really low and sold when at a higher price to make profit and they think it's just a matter of buying low and selling high. They don't even understand how that works in itself. You should, however, know that just like with cryptocurrencies, it is the same with every form of business. The rich would make more money because they can afford to buy more units of the same goods and can take more risks. That's not just some cryptocurrency thing. It's the same everywhere. |
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It is no secret that India is currently leading P2P among emerging markets or countries traded bitcoin in a restricted environment. Countries as India, Ghana, the Philippines, Argentina, Mexico and Egypt are all relying majorly on peer-to-peer, my thought therefore is that with the ban from open dealings and transactions from bitcoin in Nigerian banks , Nigeria may overtake the India record of leading the P2P emerging market in a year or two.
One reason to point to this is the Nigerian crypto population which showed in Nigeria position as number two in bitcoin market.
When the ban was placed on the use of cryptocurrencies in Nigeria, it became a known fact that Peer-to-Peer transactions is going to increase significantly. This is actually because they don't have any other means of exchanging cryptocurrencies to fiat and vice versa which leaves P2P as the only option. Now, I don't know how large the P2P market in India is but I believed that Nigeria would have overtaken them. I, however, learnt that the ban has been lifted. In that case, I'm not so sure that would still happen since they have several options now. |
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How long did it take you to jump on the Bitcoin bandwagon?
I first heard about Bitcoin in 2009
I first used Bitcoin in 2013
Took me 4 years!
What about you?
Even though it took you 4 years to jump on the bitcoin bandwagon, I'd say you're still on of the early birds. I'm sure if you had bought bitcoin back in 2013 and held it till now, you'd be swimming in a lot of profits. I first heard about bitcoin back in 2016. It was late 2016 and I didn't get to use bitcoin until middle of 2017. A friend had told me about it earlier and I didn't consider it as something worthwhile until my brother introduced me to this forum where you can interact with a huge community of bitcoin users and as well get paid for participating in signature campaigns. It was wonderful doing that and I got to convert my bitcoin into fiat by using P2P |
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So I am in a situation where I have found a potential project I can invest in for the long term and gain huge profits.
At the same time the current market seems the correction is over and another bull run might start.
I am having an urge to invest all that I can in the potential project I like but it is also a good time to diversify the portfolio and trade some nice coins to gain short term profits.
What would you guys do if you were in such a situation ?
@mk4
how long you're planning on holding
I can hold very long. Let's say 15 years or so.
what your other investments are(inside and outside crypto)
BTC and ETH
Little amount in Mutual Funds
what your asset allocations are
Not sure how would I describe that
what your trading strategies are
More of swing trading. Buy the dip, wait for a good price to sell (time doesn't matter)
what your risk appetite is, and how much money you can afford to lose
I can afford to lose not more than 25%
Since you intend to invest in that project for a very long time, it is wisdom to know that it is necessary to provide a means of income that can provide for short term needs. Personally, if you'd ask me, I'd say that the best option in this situation is to diversify. I'd say you invest a large percentage of it, say 70%, into that project and the remaining 30% into active trading to make some short term profits. Secondly, it's too risky to put all your eggs in one basket. It's very easy to lose all in the case |
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The USA dollar goes down and down.
I Think its a hidden GEM.
Definately Worthed to Buy it dollar is cheap and it has huge market cap and upside potential.
When this Rocket Will blast off to moon you better be on this rocket, specially upcoming deflationary Stage.
And its ATL now and it gets Even lower few years later can sell it with huge profit I guess so.
Specially Biden politics who will create strong dollar no doubt about it.
You shouldn't just buy coins anyhow. Don't buy coins just because they are cheap. You'd realise that many of the altcoins are actually shitcoins that don't rise again after a dip. They just continue falling in price and you'd lose quite a lot of money by buying them. I'd say before you make any altcoins purchase, you should actually take time out to know which ones have the potentials to rise so that you'd make profits. And if you're talking about buying the US dollars, I think the best form of investment isn't investing in fiat currencies but in a prominent cryptocurrency like bitcoin. |
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I bought Bitcoin a few days ago for12 thousand dollars. At that time the price of one bitcoin was 28 thousand dollars. At present, the price of Bitcoin is 37 thousand dollars. Which is really good news for me. I made a post after buying bitcoin to see if I made a mistake in buying bitcoin. I was convinced that I had done nothing wrong and that it was now clear. Below is a link to my previous post: https://bitcointalk.org/index.php?topic=5305436.msg55985225#msg55985225The was a very bold move you took there. Buying bitcoin these days requires courage which is a scarce commodity. Believe me you, you didn't make the wrong decision when you decided to buy bitcoin at that price. In fact, you made a very rewarding choice. When you made this post, bitcoin was at $37000 but right now it's more than $50000 which means you've made quite a lot of profits if you didn't sell till now. You should however know that there ought to be a selling point sooner or later. If you can, however, afford to keep your investment, then keep hodling it. It will pay off. |
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It's actually not a big deal when you make mistakes while trading. Aks any professional traders and they'd tell you they've made so many mistakes in their trading career. Mistakes are meant to be lessons and one should learn from them when they are made so that it won't be repeated.
My worst mistake while trading was not setting stop loss. When I started trading, I didn't take time to learn about risk management. I had managed to make some few successful trades and I thought I was good. So I didn't set my stop-loss for a particular trade only to find the trade ending in a loss. The correction was so great that my account got blown and I lost all my capital. I, however, learnt my lessons and that didn't happen again
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The way things were done in the past have changed from what it is. In the area of buying and sell especially, you can stay in your house and do all your shopping all because of the availability of the internet. Before this time, the internet was majorly used for sending of email and other short and non elaborate internet activities but all that has changed to real marketing online.
This has changed the economic system in no small extent that people prefer not to go to the market physically but go stay back home and in there comfort do the buying and selling.
Is the internet making people lazy or what do you think?
You're absolutely right about this. In the past, when the potentials of the internet has not been explored, it could only be used to send emails and not do so many things. Now, with time, we have been able to stay in the comfort of our home and shop for goods. Does this make us lazy? I'd say no. Why should we stick to the old method of doing things if there's a better way? Why should we stress ourselves if there's a way that provides comfort. Truth be told , the full potentials of the internet has not yet been tapped and you'd be amazed at what the internet could be used for. The recent one is the development of a better monetary system by the use of the Blockchain Technology. You'd see more, believe me you. |
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Bitcoin and other cryptocurrencies were banned in Pakistan, Now according to some sources, the Pakistani government is going to unban crypto including BTC.
What's your analysis? How BTC market will affect by this? is this charming news for crypto lovers from Pakistan?
I'm happy the Pakistani government have seen the light of bitcoin. They have come to realise the numerous benefits bitcoin has to offer to the people and the government itself. Truth be told, they have no reason to ban it in the first place. However, I do not think the unban is going to to affect the bitcoin market in anyway. There is really not much input coming from Pakistan in the bitcoin market. It has happened before. There was no significant effect when the Nigerian government unbanned bitcoin and made it usable for the people |
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Ask any successful trader out there, you'd realise that every single one of them have had trades that were not successful at some point or the other. Only imagine if they had, because of that, quit trading. They obviously won't become successful traders that they are.
One of the reasons people lose so much while trading is actually they don't take risk management so seriously. They consider it not necessary while placing trades and that's why they lose so much. If you'd ask me, setting stop loss is one of the most important form of risk management and it's benefits cannot be overemphasised.
If there's someone who's lost money while trading, take a break and cool off to help deal with your emotional health. Learn from hour mistakes and then bounce right back in.
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FIAT (Coins) ---> Electronic Money (Gcash, Paymaya, Paypal, etc...) ---> Digital Currency (Bitcoin, Ethereum, BCH, XRP, etc...)
Due to the spread of the Covid-19 virus in different countries, people have become aware that many viruses can be obtained from fiat money. That's why in our Country suddenly dropped the percentage of users of fiat money especially coins. And because of locked downs, people are just stay at home. So, they start their works online and also making transactions online, buying and selling online and instead of paying a cash money, they use electronic money for payments or even sending money for their love ones. Also, through this pandemic many people start using cryptocurrency where they can earn money as another source of income. So, making transactions outside is really difficult nowadays, but because we have a lot of modern types of mode of payments, no need to worry about that. We can make transaction easily just by using your phone, computer and other gadgets, with fast transaction, safe and hassle free because you just make transactions while stay at home, and away from VIRUSES. From Fiat money, we use electronic money and now digital currency is available to be used anytime. If we have friends who don’t know about digital currency, we can help them understand and learn about it so that they can use it as well and at the same time we can help the demand of bitcoin and other digital currencies to increase.
I actually do believe that you're right. Check any industry, any trade, anything whatsoever, there is always a form of development over the years. Things are always developing to get better. Technology helps to improve things such that they only get better with each passing year. So it is not surprising that the same is happening with the financial system. There is always room for improvement and that's why the means of payment moved from trade-by-barter, to use of valued items such as gold, to use of coins, to use of paper currencies to the use of electronic payment and now to the use of digital money. It would be catastrophic for anyone to stuck with the past and refuse to get on the moving digital train of monetary system. Digital currency is what the world is moving on to now and it's only wisdom to adopt it now. |
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This is really hilarious. If you'd scam someone of their hard earned money, you should at least do it smartly. No one would fall for such lousiness. However, I think this scammer must be of one the old timers who didn't take time to improve himself.
Scammers, these days, are way to smart to commit such blunder. They'd tie all loose ends and make sure nothing seems suspicious. These days, it takes a really smart person to outsmart these scammers because they use formats that looks too real.
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alot of people really want to hold but the daily needs of life make them sell off at little profit and solve their needs which is really good. but later they notice the coin they sold cheap is worth enough to liberate them. this kind of occurences are painful but its really not his fault. this brings me to the question of maybe holding is for the rich who can afford to buy and forget. ? lets discuss this, thank you.
Well, that's just the harsh reality of hodling. You buy a coin but then because of pressing needs or even just some daily need that needs to be attended to, you'd sell off at a price after making a little profit only to find out after some time that the price has actually increased such that you could have made much more by just waiting. I, however, believe that if one have the mentality that the price of a coin will always rise, such person won't at any time sell because all coins, except stable coins, have the potential to rise. And that means you'd have money digitally and not be able to use the money even when you need it. What I do in such cases is that I sell the coin and I stop monitoring it. Maybe hodling is really for the rich who can buy and hodl for a long time. |
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Forget Dangote and the rest of the billionaires, the richest people in Africa are politicians. Africans need to reevaluate and rethink their system, so much power is given to the politicians and without any checks or balances. How can an ex-governor not be tried in court for his mischievous activities because there is a written document that said so who signed the documents is it the populace? They loot millions of dollars and stack them up for their families whereas the masses are suffering.
They even go as far as banning the trading of cryptocurrencies because they feel people might benefit from it. When the world is enjoying it. African needs to be taken to the hospital and given proper treatment because they are moving backward. More strength to their youth as many are still thriving in the harsh environment.
This is very true in many African countries especially a country like Nigeria. The politicians, even though elected in a democratic manner, adopt the dictatorship manner and are more or less dictators. They don't care about the masses welfare. They don't provide any infractures neither security for the people. There have been a lot of cases of insecurity in Nigeria especially in the North. All they care about is how to amass wealth for themselves and their relations The problem, however, still remains with the people because every election period, they still elect the wrong people for some money. |
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As a form of investment, many are buying cryptocurrency in smaller quantities and saving for their kids in the future. With the continuous rising and falling of the currency and the volatility of the market, how do we know the coins to buy and save for future use or is it a waste of money.
Need your thoughts on this tho'...
Buying and hodling coins as a form of investment for future children is a very nice idea. It's actually a way of securing the future for the kids just like we buy shares on their behalf. In the choice of coins to buy, I believe bitcoin remains the best coin to buy. The rise in the price of bitcoin is relatively gradual as compared to many of those altcoins that just rise in price all of a sudden and dump heavily. If bitcoin continues to rise steadily as it has been rising in the last few years with corrections here and there, imagine what it would be in the next 5 to 10 years. Just buy some bitcoin now and hodl for the children. |
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